In what is becoming a barrage of bad news Steward Bank has the latest blow. The Bank announced back in August that they were implementing international limit restrictions on Steward Bank MasterCard Debit cards.
Back then the bank announced that customers will only be able to access value on the debit card against pre-funding in foreign currency and cash in bond notes, up to the monthly limit of $10,000.
From that time things have deteriorated further and Steward Bank has just announced the following:
MASTERCARD SUSPENSION NOTICE
Dear Valued Customer
We regret to advise that due to the prevailing foreign currency challenges, the bank has, with immediate effect withdrawn limits on the following cards;
• MasterCard Titanium
• MasterCard Standard Debit
• MasterCard Diaspora Cards
Customers who still wish to use their cards abroad will be required to prefund their cards in USD or via Diaspora Remittances for Diaspora Accounts) up to the $10,000 regulatory monthly limit. We sincerely apologise for any inconvenience caused by this variation which unfortunately is beyond our control.
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10 comments
Ooooookey.
I see nothing wrong with this. If you want to use money outside Zimbabwe, go on and deposit real US$ into a Zimbabwe account and then withdraw that money in UK, USA, etc. This business of RTGS wont work. RTGS is money in the air. Econet need to send real Money to whatever foreign bank that a Zimbabwean had used to withdraw ATM transaction
haiwa its not fair kungoita ma decisions without infotming people who use those services now you see a msg on social media what about some of us who already have monies in the accont then what?should we go back to Zim make a deposit first then come back n use my card?
My friend, the moneys in our bank accounts were USD!!! We were earning USD, companies were making USD. Then someone through Mangudya decided to STEAL the value of our bank balances. We had USD, we used to go to the ATM and withdraw USD. OUR MONEY WAS STOLEN BY OUR GOVERNMENT!!!
I thought every citizen of Zimbabwe has got US$ account can you please clarify if bond note has got no currency which is backing.
what is the account called if it is not the US $ account.
do I have to open another US$ account or what ?
You don’t have to open another account…. All you have to do is put USD in your account… Simple…. The bond note is only equivalent to USD locally… You can respond what you did not sow…. Start exporting and you’ll have your USD
This is old news. This is what Steward bank in now doing, you deposit your USD, to pre fund Mastercard, they NOW restrict you to $100 withdrawal a day and they hv increased the service charge on the Mastercard by 40% since last month. BASICALLY, the bank has decided to seize your cash when deposit by harshly limiting your withdrawal to their liking. Ndais a hard cash yangu, why limit me to $100/day?
So imagine if you have to withdraw $1000, that would be $100 x 10 days plus they charge you $3,50 for each $100 withdrawal so it will cost you $35 to withdraw $1000. That’s not all, your interlinking foreign bank will you another $3.50 for each withdrawal. So that’s $70 to withdraw $1000. I hv just transacted a few minutes ago. These are hard facts about how this is black market bank
Dddddfffffujhgghbgg
Where the f **k are we even going to get the USD anyway, so to tenga mari from the dealers who still remain and get rated tozoisa mari iyoyo muaccount, the process is a headache, so why was the bond introduced anyway?
October 13, 2017 at 6:58 PM
I thought every citizen of Zimbabwe has got US$ account can you please clarify if bond note has got no currency which is backing.
what is the account called if it is not the US $ account.
do I have to open another US$ account or what ?
good question there, can sm1 answers that QN clearly